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SINGAPORE: Integrated engineering group ST Engineering said its third quarter profit dropped 6.7 per cent on-year to S$120.3 million.
Turnover for the period ended in September fell about two per cent to S$1.35 billion compared to the same period last year.
The poorer performance was due to lower turnover from both the aerospace and land systems sectors.
But ST Engineering said its electronics and marine sectors reported higher turnover in the current quarter.
The firm said it also incurred a loss of S$3.9 million due largely to the financial expenses and set-up cost in relation to its US$500 million bonds.
Giving an update, ST Engineering expects to achieve comparable turnover and profit for the current financial year. - 938LIVE/vm
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